Tanzania Stamigold Reaches USD 15 Million In Gold Exports In Its First Year

Stamigold Company Limited, subsidiary of Tanzania’s State Mining Corporation (STAMICO), announced that it has sold in international markets 12,923 ounces of gold worth USD 15 million, as a result of its first year’s operations at Biharamulo Gold Mine Project located in Kagera Region, Northwest of Tanzania.

The announcement was done at an event headed by Stamigold General Manager, Eng. Dennis Sebugwao in Dar es Salaam, Tanzania’s commercial capital, to celebrate the first year firm’s achievement.

Stamigold’s total gold production at the end of 2014 was 16,388 ounces. The company aims at raising production and keeping low sales prices to boost the local economy and create works, explained Eng. Sebugwao.

Formally known as Tulawaka Gold Mine, Biharamulo Gold Mine was initially developed as an open-pit operation by African Gold Barrick (AGB).

After the surface was completely mined, underground operations started in 2008 with a production peak of 84,093 ounces of gold in 2011.

STAMICO started its operations in Q4-2013 after it acquired the mine and surrounding exploration licenses from AGB.

Despite the reserve decrease in 2012 when ABG extracted half of its production from the prior year, Stamigold has estimated resources for more than 200,000 ounces of gold in the main regions of the western zones.

The mine’s time life is expected to last three more years, however it can be increased if more exploratory work is conducted in the area, STAMICO indicates.

RELATED:  Barrick and Tanzania Reach Agreement Over Acacia Tax Row